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Icici Bank
(NYSE:IBN)
Icici Bank (IBN) vs. SPDR S&P 500 ETF (SPY)
Icici Bank Business Overview & Revenue Model
Icici Bank Earnings Call Summary
Icici Bank Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.02T | 2.95T | 1.43T | 1.85T | 1.58T | 1.61T |
| Gross Profit | 2.05T | 2.01T | 1.43T | 1.29T | 989.30B | 964.98B |
| EBITDA | 1.01T | 1.65T | 635.04B | 488.90B | 280.08B | 218.35B |
| Net Income | 528.91B | 510.29B | 442.56B | 340.37B | 251.10B | 183.84B |
Balance Sheet | ||||||
| Total Assets | 26.69T | 26.42T | 23.64T | 19.58T | 17.53T | 15.74T |
| Cash, Cash Equivalents and Short-Term Investments | 1.97T | 2.14T | 1.90T | 1.64T | 2.14T | 1.82T |
| Total Debt | 2.15T | 2.04T | 2.01T | 1.84T | 1.59T | 1.40T |
| Total Liabilities | 23.23T | 23.13T | 20.94T | 17.37T | 15.65T | 14.07T |
| Stockholders Equity | 3.30T | 3.14T | 2.56T | 2.14T | 1.82T | 1.58T |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -800.22B | 1.54T | -62.39B | 562.51B | 1.36T |
| Operating Cash Flow | 0.00 | -752.52B | 1.57T | -37.71B | 581.11B | 1.38T |
| Investing Cash Flow | 0.00 | -772.88B | -1.46T | -680.05B | -393.21B | -629.87B |
| Financing Cash Flow | 0.00 | 2.04T | 2.47T | 247.91B | 174.51B | -546.67B |
Icici Bank Technical Analysis
Icici Bank Risk Analysis
Icici Bank Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| ― | $71.63B | 11.78 | 11.31% | 3.62% | 1.94% | 30.93% | |
| ― | $74.58B | 10.43 | 20.49% | 5.89% | 5.44% | 2.81% | |
| ― | $108.33B | 17.35 | 17.41% | 0.85% | 10.85% | 7.98% | |
| ― | $170.92B | 21.98 | 14.17% | 0.19% | -1.78% | 0.65% | |
| ― | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
| ― | $69.05B | 15.66 | 7.85% | 3.60% | -20.94% | -18.71% | |
| ― | $83.06B | 14.24 | 8.69% | 1.41% | -2.22% | 24.37% |
Icici Bank Corporate Events
On September 29, 2025, ICICI Bank Limited received a Show Cause Notice under section 73 of the Maharashtra Goods and Services Tax Act, 2017, from the Additional Commissioner of CGST and CEx., Mumbai East Commissionerate. The notice raised a GST demand of ₹216.27 crore, including tax, interest, and penalties, for services provided to customers maintaining specified minimum balances. This issue has been a subject of previous litigation, and due to the significant amount involved, the bank is reporting this matter and plans to file a reply within the prescribed timelines.
On September 22, 2025, ICICI Bank received a Show Cause Notice under the West Bengal Goods and Services Tax Act, 2017, concerning a GST demand of over ₹15.6 crore related to services provided to customers maintaining specified minimum balances. The bank is currently in litigation over similar issues and plans to respond to the notice within the prescribed timelines. This disclosure was delayed due to the bank’s evaluation of the notice’s contents.
ICICI Bank has announced that its Board of Directors will meet on October 18, 2025, to review and approve the unaudited financial results for the quarter and six months ending September 30, 2025. In compliance with regulatory requirements, the bank has closed its trading window for designated persons and their immediate relatives from October 1 to October 20, 2025, to prevent insider trading.
On September 19, 2025, ICICI Bank announced changes in its senior management, effective October 1, 2025. The Board of Directors approved the inclusion of Mr. Samit Upadhyay and Mr. Sachin Garg as senior management personnel, while Mr. Atul Arora will retire on September 30, 2025. These changes are part of the bank’s ongoing efforts to strengthen its leadership team and ensure a smooth transition in its management structure.
On September 15, 2025, ICICI Bank received an Order in Appeal under the West Bengal Goods and Services Tax Act, 2017, demanding a total of ₹49.11 crore. This order pertains to GST demands on services provided to customers maintaining specified minimum balances. The bank has previously faced similar issues and has filed writ petitions against show cause notices from various tax authorities. ICICI Bank plans to contest the order through further appeals, highlighting the ongoing regulatory challenges faced by the bank.
On September 12, 2025, ICICI Bank received approval from the Reserve Bank of India to increase its shareholding by up to 2% in its subsidiary, ICICI Prudential Asset Management Company Limited. This move is aimed at maintaining the bank’s majority shareholding in the subsidiary, ensuring compliance with applicable regulations, and potentially strengthening its position in the asset management industry.
ICICI Bank Limited held its Thirty-First Annual General Meeting (AGM) on August 30, 2025, via video conferencing. The meeting, chaired by Mr. Pradeep Kumar Sinha, included discussions on the adoption of financial statements, declaration of dividends, and re-appointments of directors and auditors. The bank also provided a remote e-voting facility for shareholders to participate in decision-making. The AGM concluded with the approval of various ordinary and special business items, reflecting the bank’s commitment to governance and shareholder engagement.
On August 30, 2025, ICICI Bank held its Thirty-First Annual General Meeting where the Managing Director and CEO, Mr. Sandeep Bakhshi, delivered a presentation. This event underscores the bank’s ongoing commitment to transparency and stakeholder engagement, potentially impacting its market perception and investor confidence.
On August 28, 2025, ICICI Bank announced the early retirement of Mr. Subir Saha, the Group Chief Compliance Officer, effective from the close of business on the same day. Mr. Anish Madhavan, an experienced senior management personnel with 29 years in banking and finance, has been appointed as the new GCCO effective August 29, 2025. This leadership change is expected to impact the bank’s compliance operations, given Mr. Madhavan’s extensive background in compliance and financial crime prevention.
On August 14, 2025, S&P Global Ratings upgraded ICICI Bank’s credit rating to ‘BBB/Stable/A-2’ from ‘BBB-/Positive/A-3’, reflecting improved economic conditions in India. This upgrade is part of a broader positive reassessment of India’s financial institutions following a sovereign credit rating upgrade, indicating a stable outlook for the bank and potential benefits from India’s economic growth and improved asset quality.
ICICI Bank Limited announced the details of its upcoming Thirty-First Annual General Meeting (AGM), scheduled for August 30, 2025, to be held via video conferencing. The AGM will address various resolutions, including the adoption of financial statements, declaration of dividends, re-appointments of directors and auditors, and revisions in executive remuneration. Additionally, several material related party transactions will be discussed, impacting the bank’s operations and strategic partnerships.
On August 8, 2025, ICICI Bank announced that the Reserve Bank of India (RBI) imposed a monetary penalty of ₹75 lakhs on the bank. The penalty was due to the bank’s failure to conduct property valuations by independent valuers in certain mortgage loans and for maintaining certain current accounts against regulatory requirements. This penalty, issued under the Banking Regulation Act, 1949, highlights regulatory compliance challenges for ICICI Bank, potentially impacting its operational procedures and stakeholder trust.
On August 5, 2025, ICICI Bank announced changes in its senior management personnel. Mr. B. Prasanna and Ms. Anubhuti Sanghai will transition to ICICI Group companies, while Mr. Sanjay Singhvi will retire early on August 14, 2025. Additionally, Mr. Shailendra Jhingan will join as a senior management personnel starting August 6, 2025. These changes reflect the bank’s ongoing efforts to optimize its leadership structure and potentially enhance its strategic positioning within the industry.
On August 1, 2025, ICICI Bank received an appeal order from the Maharashtra Goods and Service Tax Department, which upheld a tax demand of ₹26,12,07,438 along with an equivalent penalty and interest. The bank is currently evaluating the order and plans to contest it through further appeals within the prescribed timelines, indicating ongoing legal proceedings that could impact its financial obligations and regulatory compliance.
On July 25, 2025, ICICI Bank Limited filed its annual report in Form 20-F for the fiscal year ending March 31, 2025, with the U.S. Securities and Exchange Commission. The report highlights the bank’s financial performance, showing an increase in consolidated profit after tax under Indian GAAP from Rs. 44,256 crore in FY2024 to Rs. 51,029 crore in FY2025. However, under U.S. GAAP, the consolidated net income decreased from Rs. 61,376 crore in FY2024 to Rs. 51,354 crore in FY2025. The report also details the differences in accounting standards between Indian GAAP and U.S. GAAP, impacting the bank’s financial statements and stakeholders’ understanding of its financial health.
ICICI Bank announced that the audio recordings of its financial results call for the quarter ended June 30, 2025, with media, analysts, and investors, have been made available on its website. This move aims to enhance transparency and provide stakeholders with easy access to the bank’s financial performance details.
ICICI Bank Limited has announced that it has uploaded transcripts of its recent media conference call and earnings call with analysts and investors on its financial results for the quarter ended June 30, 2025. These transcripts are available on the bank’s website, providing stakeholders with insights into the bank’s financial performance and strategic direction. This disclosure under the Indian Listing Regulations reflects the bank’s commitment to transparency and effective communication with its stakeholders.
On July 25, 2025, ICICI Bank announced that it has redeemed all residual units held by ICICI Group entities in India Advantage Fund III and IV, which were previously considered associates of the bank. This move signifies a strategic shift as these funds cease to be associated with ICICI Bank, potentially impacting its investment portfolio and stakeholder relationships.